Japan 225 (JP225USD) Continues Fluctuation below 20500 Resistance

Key Resistance Zones: 23200, 23600, 24000
Key Support Zones: 20800, 20400, 20000

Japan 225 (JP225USD) Long-term Trend: Bullish
Japan 225 is still fluctuating below the 20500 resistance. On April 29, the bulls broke the 20000 resistance but were repelled at 20500. The price fell to level 19085 and resumed another upward move. The price is rising and approaching the 20000 and 20500 resistances. The upward move is likely to be terminated as the market is said to be in the overbought region.

Daily Chart Indicators Reading:
Japan 225 has fallen to level 56 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day SMA is sloping upward indicating the uptrend.

Japan 225 (JP225USD) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an uptrend. A trend line is drawn showing the support level of price. Presently, the upward move is being resisted at level 20500. Each time the market falls, it drops to the support of the trend line. The price will bounce and resume the sideways move, perhaps to retest the resistance level.

4-hour Chart Indicators Reading
Japan 225 is now above 80% range of the daily stochastic. This indicates that price is in the overbought region. Sellers may likely emerge to push prices downward. The upward move will soon terminates. The 21-day SMA and the 50-day SMA are sloping upwardly indicating the upward move.

General Outlook for Japan 225 (JP225USD)
Presently, price is approaching level 20000 and 20500 resistance levels. The price is likely to terminate at the resistance level and a downward move may begin. From the price action, the market is consolidating below the resistance level; while the stochastic indicate an overbought condition.

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